Clarification: mecu and NSW Teachers

The boards of mecu and Teachers Credit Union are yet to reach terms on a proposed merger, so yesterday's article went too far.

In the annual report of NSW Teachers, under events after balance date, the credit union states they entered into a memorandum of understanding with mecu on August 31 to look at consolidating operations.

In light of yesterday's report mecu, at it's website, published a statement confirming the MO, and said the boards of both credit unions were continuing their discussions on the possibility of a merger.